Glencore Plans to Eliminate 1,000 Positions as Part of Restructuring to Prioritize Copper Production

Written by Emily J. Thompson, Senior Investment Analyst

Source: SeekingAlpha

Updated: Dec 03 2025

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Source: SeekingAlpha

Job Cuts and Restructuring: Glencore has cut approximately 1,000 jobs as part of a restructuring effort aimed at increasing copper production and merging its nickel and zinc operations.
Copper Production Goals: The company plans to significantly boost its copper output to around 1.6 million metric tons per year by 2035, with a capital spending budget of approximately $6.5 billion annually through 2028.
Alumbrera Mine Restart: Glencore is set to restart its Alumbrera copper mine in Argentina in Q4 2026, with production expected to begin in H1 2028, targeting around 75,000 tons of copper and additional gold and molybdenum output.
Market Performance: London copper prices have surged approximately 30% year-to-date, reaching record highs above $11,400 per ton, although Glencore anticipates uneven copper production for 2025.

About the author

Emily J. Thompson

Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.